The Belgian Presidency will devote its attention to the establishment of the new supervisory architecture for the EU financial system by the end of 2010. It will further examine legislative initiatives aiming at tackling the crisis, such as AIFMD, derivatives market or naked short-selling of CDS.
Regarding financial sector reforms, the Council under the Belgian Presidency will devote specific attention to the establishment of the new supervisory architecture for the EU financial system by the end of this year. It will further examine legislative initiatives aiming at tackling the crisis, such as those related to the regulation of hedge funds and private equity firms, derivatives market, the ‘naked’ short-selling of CDS and deposit guarantee mechanisms. It will also keep watch over the consistency and cumulative effect of the different reforms which are to be proposed to augment the resilience and stability of the financial institutions. Finally, the Council under the Belgian Presidency will agree with the European Parliament on the priorities, timing and delivery of the Commission’s remaining regulatory reform proposals, which are to be released in the coming months.
Regarding the consolidation of public finances, the Council under the Belgian Presidency will ensure that, where necessary, the plans for fiscal consolidation and structural reforms are speeded up. The Council will further make sure that appropriate follow-up is given to the final report of the taskforce chaired by the President of the European Council to strengthen the economic governance of the European Union. As a rule, the Council under the Belgian Presidency will ensure that the implementation of the objectives of the Europe 2020 strategy is consistent with the fiscal consolidation commitments undertaken in the context of the Stability and Growth Pact.
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